Julius Berger assures of speedy completion of Lagos-Ibadan expressway

Construction giant, Julius Berger Nigeria Plc, has assured Nigerians of speedy completion of the reconstruction of the Lagos-Ibadan Expressway.

Its Managing Director, Wolfgang Goetsch, spoke yesterday in Abuja, the nation’s capital, at the company’s 48th annual general meeting (AGM).

Goetsch said the company was expecting payment from the Federal Government to enable it return to site.

He urged the government to provide prompt funds to ensure speedy completion of the road.

The company is one of the contractors handling Section One of the rehabilitation/reconstruction of Lagos-Ibadan expressway.

Goetsch said: “Yes, we are still handling the Lagos-Ibadan road project. Unfortunately, in the last dry season, we did not work, which is also not technically good. But now is the raining season and since government has remobilised us, we are expecting a huge payment since the voucher was signed yesterday (Wednesday). When the huge payment is done, we can deliver more.

“But it also falls on appeal to the government that we need money ahead of time.”

Also, the company, in its 2017 annual reports and financial statements, announced a profit of N4,779,617.

This is against the N3.82 billion loss it recovered in 2016 when Nigeria slipped into a recession.

The company’s Chairman Mutiu Sunmonu said its situation had improved since Nigeria moved out of recession.

He told shareholders at the AGM that the company’s board of directors recommended N1.32 billion dividend pay-out.

Sunmonu said: “As a result of hard work, tough decision-making and strong strategic and financial planning, the management, together with the workers, were able to reduce losses and bring the company back to profitability.

“As an organisation, we remain optimistic with regard to our country’s immense potential. But considering the current political and economic state of affairs, we are cautious and conservative in our planning. Consequently, performance planning will be upwardly adjusted marginally to reflect incremental growth targets in direct operational resources, but not in overheads.

“We will continue to find innovative ways to adapt to the changing circumstances of the country and fully seize potentials. This is not our only strength but also our promise to you.”